AMIT KUMAR SINGH

• Jan 17th, 2016

If an asset is purchased during the financial year and it is not been put to use even for a single day, then the depreciation cant be claimed. If its been use even for a single day then the depreciation should be charged for 180 days.

Navjot Singh

• Oct 7th, 2015

The assets which is used for business purpose in the previous year then we can claim depreciation otherwise we cant.

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How to pass a JV when we receive bill including service tax? How to close this a/c?

Rajesh

• Mar 12th, 2016

2nd Jv is wrong
Service tax liability A/C Dr
To, Bank A/C Cr

Amitabh Singh

 Profile Answers by Amitabh Singh Questions by Amitabh Singh

• Apr 21st, 2009

Service Tax would be credited by debiting the vendor's A/c bill wise for the whole time period of say one month or one quarter etc. and at the time of payment the Service Tax A/c would be debited by crediting the payment source A/c say Bank or cash.

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A person conducts business of cell phone but unfortunately some cell phone is damage and are not able to sales.

He recorded this loss in books of account through this below general entry of loss amount.

Cost of sales account (Dr.)
Inventory account (Cr.)

Is the above entry correct or not?
If not then tell how will you record...

Salah

• Aug 26th, 2016

If the damage is immaterial, the JV is right but if it is material then you must raise another JV.

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Aman pal (Amit bhagel S.P)

• Sep 15th, 2016

PERSONAL A/C
-DR.is the receiver
-CR. is the giver.

NOMINAL A/C:
-All expense & losses are DR.
-All income, profit & gain are CR.

REAL A/C:
-DR. whats come in.
-CR. whats goes out .

manish kumar

• Apr 28th, 2016

Personal A/C - debit the receiver
Credit the giver
Real A/C - debit whats comes in
Credit whats goes out
Nominal A/C - debit all expenses &losses
Credit all income & gains

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I want to know TDS will be collected in what percent. Service Tax in what percent generally they will collect. And other taxes also.

Manjunath.kotagi

• Dec 4th, 2016

For service rendered invoice we need to deduct TDS, if vendor Pan# 4th letter is P we have to deduct 1% on base amount, if 4th letter is C or F or any, we need to deduct 2% TDS, if the invoice related...

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Where do you put non current lease payment on a statement of cash flow?

samanth

• Feb 12th, 2017

It is a statement depicting change in cash position from one period to another period

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

You put the non current lease payment in the financing Activities.

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nave een

• Feb 21st, 2017

CST (Central Sales Tax) is a form of indirect tax imposed only on goods sold from one state to another state, which particularly takes into account that the buyer and the seller needs to be in two dif...

Manjunath

• Dec 28th, 2016

When we are selling goods to another state, CST is applicable
GST is applicable all over India and same VAT rate will be applicable

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Mr.x purchased a building for 55 million dollars and took depreciation on it for complete 39 years and now his son want to sell the building but as he claimed the amount for complete 55 million through out the years. On what basis now he need to sell the building. For only 55 Million or For How Much?

veena

• May 9th, 2017

55 million dollors and above

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What is General Ledger Reconciliation?

Rajesh

• May 17th, 2017

The general ledger is the main accounting record of the company. Consequently, general ledger reconciliation is the process of ensuring that accounts contained in the general ledger are correct.

VIRENDER KUMAR

• Apr 7th, 2017

General ledger account balances with other independent systems, statements, and reports, to verify that the balances are correct and accurate

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Why do we record salary provision, although we know the exact amount of salary payable?

Shubhi tiwari

• May 21st, 2017

For preparing salaries and wage bills

Nelson

• Aug 30th, 2016

If the salary incurred and settled for current month, than there is no need of providing the provision, we have to pass provision in case if salary incurred in current month and settled in next or sub...

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favas pakkada

• Jul 8th, 2017

A bank reconciliation statement is a summary of banking and business activity that reconciles an entitys bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period

rajesh

• Jun 28th, 2017

It is a statement which shows difference between passbook and cashbook

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Ramesh bought the machinery for 100000 and annual depreciation is 10% on diminishing value method,11 month he sold the machine for 20K. Pass the appropriate journal entries..

Jasir

• Jul 26th, 2017

Depreciation a/c dr 9,167.00
Cash a/c dr 20,000.00
P/L a/c dr 70,833.00
To Machinery a/c 100,000.00

UMA

• Jun 24th, 2016

Cash A/C 20,000
P/L A/C 15337
machinery A/C 35,337

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What is the diffrence between Travelling and Conveyance

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

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Awesh Darekhan

• Sep 13th, 2017

Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)

Finance is an art and science of managing money

Akshay Raut

• Dec 18th, 2016

Accounting: Is the art of writing the day to?day transaction in books of accounts.

Finance: How to raise money & funds for company

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Muhammad Ikhlaque

• Sep 27th, 2017

Would it be a Bank receipt voucher of Journal Voucher

Aman Raj

• May 31st, 2017

Bank A/c Dr.
To Party A/c Cr

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Neha

• Oct 1st, 2017

Departmental accounts is maintain by different department of an organization. For known about there profitability, growth, degree of risk, etc.

A business is generally split up into a number of departments when it sells different types of goods and services under a same roof.

Aaron peter chilot

• Jun 13th, 2017

Department account: It is an organisation that may be operative into separate department. Therefore the trading result of each department must be ascertained.

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Editorial / Best Answer

mcgozon  

 Profile Answers by mcgozon Questions by mcgozon

• Member Since Mar-2009 | Mar 26th, 2009

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1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.
             

Jaleel

• Oct 25th, 2017

When set off
Vat output a/c Dr
Input vat a/c Cr
Vat payable. Cr
When payment made
Vat payable a/c Dr
Bank/Cash. Cr

durgesh

• Aug 22nd, 2016

I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

Improve Answer

Kashmira

• Nov 7th, 2017

Why are Fictitious assets written on liabilities side?

Tilak Sapkota

• Mar 3rd, 2016

It is an imaginary assets i.e.,it can neither be seen nor we can touch. Lets take an example-a company after its incorporation may make an huge expenditure for an advertisement. If the company debited...

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What is Accrue Income? Answer briefly

Bhaskar reddy KSR

• Dec 22nd, 2017

It is an income earned, but not yet received. (out standing income). say XYZ company earned interest on bank deposits Rs.1000 (October to Dec 2017 ) and Xyz company financial starts from Jan to Dec)...

Bhawna Sharma

• Mar 1st, 2017

Accrue income is a amount which is earned but not received.

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An employee Rs.7000 per month salary, how much his 6 months PF contribution.

madhav

• Jan 10th, 2018

First, find out how much Basic and DA he is getting on that we have to calculate 12 % on the whole salary

• Jul 25th, 2017

7000x6x12%=5040

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